Civic Intelligence

Worthless Foundation Inc.

990 • Fiscal year 2024 • EIN 83-4240559

Jan 01, 2024 to Dec 31, 2024 • Filed on Jul 21, 2025

Organization ProfileWWW.WORTHLESSSTUDIOS.ORG

View Organization Page

PO Box 11New York, NY 10013

(917) 576-3999

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

13th percentile

0.02x

Higher debt load relative to revenue than 13% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

59th percentile

9.1%

Higher net margin than 59% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2024

Asset Growth

5th percentile

-18%

Faster asset growth than 5% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Revenue Growth

71st percentile

21%

Faster revenue growth than 71% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets12th percentile

Assets

Flat

$6,115,991

Flat from 2024

Net Assets

Flat

$6,097,159

Flat from 2024

Liabilities

Flat

$18,832

Flat from 2024

Revenue And Expenses
Liabilities / Revenue13th percentileNet Margin59th percentile

Revenue

Flat

$977,606

Flat from 2024

Expenses

Flat

$888,906

Flat from 2024

Net Income

Flat

$88,700

Flat from 2024

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2019: $57,905Liabilities 2019: $28,287Net Assets 2019: $29,6182019Assets 2020: $757,758Liabilities 2020: $14,855Net Assets 2020: $742,9032020Assets 2021: $10,452,954Liabilities 2021: $3,399,370Net Assets 2021: $7,053,5842021Assets 2022: $9,141,108Liabilities 2022: $3,275,684Net Assets 2022: $5,865,4242022Assets 2023: $9,011,506Liabilities 2023: $3,067,487Net Assets 2023: $5,944,0192023Assets 2024: $6,115,991Liabilities 2024: $18,832Net Assets 2024: $6,097,1592024Assets 2024: $6,115,991Liabilities 2024: $18,832Net Assets 2024: $6,097,1592024

Highlighted filing

2024

Assets$6,115,991
Liabilities$18,832
Net Assets$6,097,159
Open 2024 Filing

Operations Trend

Revenue Growth71st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2019: $165,435Expenses 2019: $135,817Net Income 2019: $29,6182019Revenue 2020: $860,043Expenses 2020: $146,758Net Income 2020: $713,2852020Revenue 2021: $6,977,240Expenses 2021: $635,168Net Income 2021: $6,342,0722021Revenue 2022: $662,563Expenses 2022: $1,741,558Net Income 2022: -$1,078,9952022Revenue 2023: $733,409Expenses 2023: $2,110,083Net Income 2023: -$1,376,6742023Revenue 2024: $977,606Expenses 2024: $888,906Net Income 2024: $88,7002024Revenue 2024: $977,606Expenses 2024: $888,906Net Income 2024: $88,7002024

Highlighted filing

2024

Revenue$977,606
Expenses$888,906
Net Income$88,700
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 21, 2025
Return Version
2024v5.2
Gross Receipts
$12,266,915
Mission and Program Overview

Mission

To promote the arts and social welfare by encouraging economic development in the sector of art and other creative endeavors, including sculpture, painting, and photography and performance, and to support new, aspiring, or emerging artists in various ways.

To promote the arts and provide support to new, aspiring, or emerging artists.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$1,555,931$5,347,183▲ $3,791,252
Pledges and Grants Receivable$1,111,779$668,951▼ $442,828
Cash and Non-Interest-Bearing Accounts$292,029$85,915▼ $206,114
Accounts Receivable$14,097--
Land, Buildings, and Equipment, Net$6,007,342$7,990▼ $5,999,352
Prepaid Expenses and Deferred Charges$30,328$5,952▼ $24,376
Total Assets$9,011,506$6,115,991▼ $2,895,515
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,840,962--
Accounts Payable and Accrued Expenses$226,525$18,832▼ $207,693
Total Liabilities$3,067,487$18,832▼ $3,048,655
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,864,264$5,368,607▲ $504,343
Net Assets With Donor Restrictions$1,079,755$728,552▼ $351,203
Total Net Assets Fund Balance$5,944,019$6,097,159▲ $153,140
Total Liabilities and Net Assets / Fund Balance$9,011,506$6,115,991▼ $2,895,515

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,574$32,867$39,441
Other Land Buildings$1,416$7,018$8,434
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Neil HamamotoFounder,president,creative DirectorPT$17,704$17,704

Board Members and Trustees

NameTitle
David HamamotoVice President
Allen MurabayashiBoard Member
Ann HarakawaBoard Member
Charlie JarvisBoard Member
Jordan HuelskampSecretary
Mike FormanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$312,467
Program Service Revenue
$55,388
Investment Income
$583,101
Other Revenue
$26,650
All Other Contributions
$151,517
Change in Net Assets
$88,700
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$610,928
Salaries, Compensation, and Employee Benefits$277,978
Total Fundraising Expense$46,353
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$151,352$27,146$17,509$196,007
Interest-$190,070-$190,070
Depreciation Depletion-$100,383-$100,383
Fees for Services Other$36,070$16,627$10,552$63,249
Payroll Taxes$39,037$7,002$4,516$50,555
Fees for Services Legal$1,676$37,895-$39,571
Advertising$35,965--$35,965
Office Expenses$3,366$25,846$401$29,613
All Other Expenses$10,720-$8,305$19,025
Fees for Services Accounting-$18,083-$18,083
Current Officers, Directors, Trustees, and Key Employees$15,737$983$983$17,703
Insurance-$14,511-$14,511
Other Employee Benefits$8,522$3,368$1,823$13,713
Other Expenses$9,884$17,627$2,264$9,884
Fees for Service Investment Mgmnt Fees-$8,587-$8,587
Total Functional Expenses$358,290$484,263$46,353$888,906
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Neil hamamoto and david hamamoto have a family relationship.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is reviewed by the president and audit committee, and it provided to the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“The foundation's conflict of interest policy requires directors to disclose any conflict of interest. To the extent there is a disclosure or the board otherwise becomes aware of a potential conflict, the foundation follows the procedures set forth in the policy.”

Form 990, Part VI, Section C, Line 19

“UPON WRITTEN REQUEST.”

Filing and Contact Details

Filer

Filer Name
Worthless Foundation Inc
EIN
83-4240559
Phone
9175763999
Address
PO BOX 11, NEW YORK, NY 10013

Signing Officer

Name
Neil Hamamoto
Title
Founder, President & Creative Director
Phone
9175763999
Signed
2025-07-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Neil Hamamoto
Formed
2019
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
6
Employees
0
Volunteers
6

Preparer

Firm
Lutz and Carr Cpas Llp
Address
551 FIFTH AVENUE SUITE 400, NEW YORK, NY 10176
Preparer
Frederick Martens
Phone
2126972299
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“Through 2024, the organization owned facilities that were used for artwork fabrication and other program activities. Following the sale of the building in july 2024, the organization has continued its programming in partnership with other community based organizations, and organizing the traveling exhibition for a project it previously presented in new york in 2022 - 2023. In 2025, a new artist in residence program will be launched, in collaboration with another partner organization, through which the organization will provide funding and technical assistance to artists who will have access to the partner organization's production team and fabrication facilities.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0FOUNDER,PRESIDENT,CREATIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE PRESIDENT
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IRS990/PYRevenuesLessExpensesAmt0-1376674
IRS990/PYSalariesCompEmpBnftPaidAmt0775269
IRS990/PYTotalExpensesAmt02110083
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0733409
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt088700
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/RealAmt026650
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt055388
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0312467
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0443732
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0327149
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt06803360
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt02455425
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt010342133
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0180943
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0230793
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt069131
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt015403
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt04
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0496274
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0209224
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.78970
IRS990ScheduleA/PublicSupportTotal170Amt08558901
IRS990ScheduleA/SubstantialContributorsTotAmt01783232
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0312467
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0443732
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0327149
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt06803360
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt02455425
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt010342133
IRS990ScheduleA/TotalSupportAmt010838407
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt06574
IRS990ScheduleD/EquipmentGrp/DepreciationAmt032867
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt039441
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01416
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt07018
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt08434
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07990
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THROUGH 2024, THE ORGANIZATION OWNED FACILITIES THAT WERE USED FOR ARTWORK FABRICATION AND OTHER PROGRAM ACTIVITIES. FOLLOWING THE SALE OF THE BUILDING IN JULY 2024, THE ORGANIZATION HAS CONTINUED ITS PROGRAMMING IN PARTNERSHIP WITH OTHER COMMUNITY BASED ORGANIZATIONS, AND ORGANIZING THE TRAVELING EXHIBITION FOR A PROJECT IT PREVIOUSLY PRESENTED IN NEW YORK IN 2022 - 2023. IN 2025, A NEW ARTIST IN RESIDENCE PROGRAM WILL BE LAUNCHED, IN COLLABORATION WITH ANOTHER PARTNER ORGANIZATION, THROUGH WHICH THE ORGANIZATION WILL PROVIDE FUNDING AND TECHNICAL ASSISTANCE TO ARTISTS WHO WILL HAVE ACCESS TO THE PARTNER ORGANIZATION'S PRODUCTION TEAM AND FABRICATION FACILITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NEIL HAMAMOTO AND DAVID HAMAMOTO HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS REVIEWED BY THE PRESIDENT AND AUDIT COMMITTEE, AND IT PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION'S CONFLICT OF INTEREST POLICY REQUIRES DIRECTORS TO DISCLOSE ANY CONFLICT OF INTEREST. TO THE EXTENT THERE IS A DISCLOSURE OR THE BOARD OTHERWISE BECOMES AWARE OF A POTENTIAL CONFLICT, THE FOUNDATION FOLLOWS THE PROCEDURES SET FORTH IN THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0WORTHLESS FOUNDATION INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0WORTHLESS BRICKS LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0862852879
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0OWNERSHIP OF PROPERTY (DISSOLVED IN 2024)
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt07 KNICKERBOCKER AVENUE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0BROOKLYN
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd011237
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd01
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt09011506
IRS990/TotalAssetsEOYAmt06115991
IRS990/TotalAssetsGrp/BOYAmt09011506
IRS990/TotalAssetsGrp/EOYAmt06115991
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0312467
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt046353
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0484263
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0358290
IRS990/TotalFunctionalExpensesGrp/TotalAmt0888906
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03067487
IRS990/TotalLiabilitiesEOYAmt018832
IRS990/TotalLiabilitiesGrp/BOYAmt03067487
IRS990/TotalLiabilitiesGrp/EOYAmt018832
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05944019
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06097159
IRS990/TotalOtherCompensationAmt017704
IRS990/TotalProgramServiceExpensesAmt0358290
IRS990/TotalProgramServiceRevenueAmt055388
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0609751
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt055388
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0977606
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt09011506
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06115991
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 11
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010013
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt06

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,115,991
Liabilities
$18,832
Net assets
$6,097,159
Revenue
$977,606
Expenses
$888,906
Net income
$88,700
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.12$0.02$6.10$0.98$0.89$0.09
2024Detailed filing. Detailed filing data is available for this year.$6.12$0.02$6.10$0.98$0.89$0.09
2023Detailed filing. Detailed filing data is available for this year.$9.01$3.07$5.94$0.73$2.11$1.38
2022Detailed filing. Detailed filing data is available for this year.$9.14$3.28$5.87$0.66$1.74$1.08
2021Detailed filing. Detailed filing data is available for this year.$10.5$3.40$7.05$6.98$0.64$6.34
2020Detailed filing. Detailed filing data is available for this year.$0.76$0.01$0.74$0.86$0.15$0.71
2019Detailed filing. Detailed filing data is available for this year.$0.06$0.03$0.03$0.17$0.14$0.03